Kamaz cancels production halt

Russia's largest heavy truck manufacturer Kamaz, based in the Republic of Tatarstan, has canceled its plans to suspend production in response to an increase in truck orders, First Deputy General Director Pavel Poltorykhin reported. Production was to be halted for one week in February and one week in March.

Tatarstan's First Deputy Economy and Industry Minister Alevtina Kudryavtseva said that Russian law-enforcement bodies ordered heavy trucks from Kamaz at a level significantly higher than last year's order. As a result, the year's production plan will be reconsidered. In February, Kamaz plans to supply 1,836 dump trucks - 750 more than were supplied in February 2002.

KamAZ's major shareholders include Russia's Property Ministry with a 34.01% stake, major state-owned bank Vneshtorgbank (VTB) with a 19.4% stake, the Tatarstan administration with 11.2% and the European Bank for Reconstruction and Development (EBRD) with 6.79%, the Russia Journal reported.

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